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Sylvania Platinum Ltd on Tuesday reported higher interim profit as revenue growth outpaced a slight increase in cost of sales, as it aimed for production to grow. Slyvania Platinum is a Bermuda-based, South Africa-focused platinum miner. Pretax profit in the half-year to December 31 climbed 30% to $45.0 million from $34.9 million a year prior. Revenue grew 16% to $79.9 million from $69.1 million, but cost of sales increased by just 3.7% to $30.3 million from $29.2 million. Production of platinum, palladium, rhodium and gold in the half-year jumped 19% to 38,471 ounces from 32,376 ounces a year prior. Sylvania declared an interim dividend of 3 pence per share, versus none a year before, the company having put in place a new dividend policy back in July of last year. Looking ahead, Sylvania guided for financial 2023 production of 70,000 to 72,000 ounces of platinum, palladium, rhodium and gold, at least 4.4% higher than 67,053 produced in financial 2022. Further, it said: ‘In the second half of this year focus remains on further improving the confidence in and expanding resources and quantifying the potential benefit from these assets. An updated scoping study is underway at Volspruit which will now include value from the south body and rhodium, which were initially excluded from the north body scoping study, as well as studies aimed at improving the resources estimate for the Aurora project and towards declaring a maiden mineral resource estimate for the Hacra project.’ Sylvania Platinum shares were 6.2% higher at 106.00 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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